Thomas Hazlewood

People often consider putting in place their Will, but this is just one part of the bigger estate planning process. If you haven’t previously obtained this type of advice, it can be difficult to know where to begin. My talking about ingredients probably doesn’t shed much light either. All will be explained in this, the first of my three part guide.

---

Preparation for Your Initial Meeting

Maybe it is due to the fact that we are a few weeks into a new series of The Great British Bake Off, but when I was considering how to explain Estate Planning, baking seemed to provide the perfect analogy.

I do not mean to say there will be any melting in hot tents. Nor should there be a great big pile of washing up to do at the end. I certainly don’t think that any one will be after a Hazlewood handshake either. Rather, the process for baking works well for Estate Planning too.

Before you read any further, there are two things I should clarify:

So what is the first part to our Estate Planning bake? Having all of the ingredients of course. I’ve started baking a number of times missing one or two things and, lets just say, if never quite works out as hoped.

Whilst you don’t need to, if you do want to get your Estate Planning ingredients together, below are a few suggestions I would make:

• Compile a list of all assets and liabilities that you have. if possible, include an approximate idea of their values. This should include all of your property, investments, pensions and outstanding debts. Don’t, these do not need be exact, this is just a snapshot. It is helpful though as it provides an idea of the value of your estate. This helps to indicate whether inheritance tax is something that you need to consider further. If you co-own property, it is helpful to know how it is held – Joint Tenants or Tenants in Common. Do not fret if you don’t know, this can usually be found out very simply. If you aren’t sure what ‘Joint Tenants’ or ‘Tenants in Common’ mean, look out for my blog coming out on Friday.
• Make a list of full names (including middle names) and addresses for your family members. If there are any friends or charities you are considering including in your Will, note their details too.
• Have a think about who you would like to benefit from your estate and what your priorities are. For example, if you are in a relationship, you may wish to ensure that your partner is secure. If you have children, you may also wish to ensure your children benefit too.
• Consider who you would trust to be your executor(s). An executor is the person or people responsible for ensuring your Will is followed. They look after all of your assets following your death until they are passed to the chosen recipients.
• If you have young children, who would you wish to look after them should you die before they turn 18. It is always worth discussing this with your chosen guardian(s). You want to know they would be willing to take on that responsibility if necessary. It is a significant commitment so whilst they may be honoured you asked, they may need time to consider.
• Write down any questions or concerns you may have. Is inheritance tax a concern for you? Are you concerned about your partner re-marrying if you die first. Raising concerns such as these will help the Solicitor to know what options will best protect and reflect your wishes.
• And finally a little piece of admin: prepare your identification documents. All solicitors are required by our regulators to verify the identity of all of our clients. Usually, this will be a form of photo ID (e.g passport) and a form of address ID (e.g. a recent utility bill or bank statement).

If you are able pull these ingredients together for your meeting, it is helpful. If not, I would always guide my clients through these points within the second part of the Estate Planning bake – the meeting. Look out for my next post to see what is involved.